Glasgow Business . 49 www.glasgowchamberofcommerce.com


TAX MATTERS TAX AVOIDANCE


If you have seen HMRC’s recent billboard campaign which said “we’re closing in on undeclared income”, you’ll be firmly aware that the Government is clamping down hard on tax evaders. Te Government’s aim is to raise an


additional £7 billion of taxes per year by 2014/15 and there are a number of current and future campaigns which typically offer taxpayers an opportunity to voluntarily put their tax affairs in order and setle what is owed in back taxes. Tese taxpayers include those in direct selling


(commission-based income), the home improvement trade (such as plumbers and electricians), businesses with missing VAT returns and landlords – regardless of the level of income involved. If you think you may be affected, please contact us confidentially to see how our specialist tax teams can help make any appropriate disclosures or take advantage of possible setlement opportunities in the least costly way.


In conjunction with


Taxation advice from the award-winning UK member firm of the BDO International network, the world’s fifth largest accounting organisation


CHILD BENEFIT TAX CHANGE


New rules came into effect from 7 January 2013 affecting persons claiming child benefits who have net income in excess of £50,000 in a tax year. Te rules become more complicated when


taking into account a taxpayer’s partner, and the changes could result in parents losing part, or all, of their current child benefits, which, for the current tax year, is set at £20.30 per week for the first child and £13.40 per week for all others. Te rules are complicated and have leſt a lot


of people confused, but there are a number of opportunities to mitigate the impact, including the ability to split income between partners, making pension contributions and salary sacrifice in favour of tax efficient benefits. If you are affected by the new rules, please


speak to our personal tax specialists to see how we can help.


FIND OUT MORE: For more information on taxation advice, please visit www.bdo.co.uk or email martin.bell@bdo.co.uk If you would like to receive our monthly Tax Matters email publication, contact jan.morrison@bdo.co.uk


The specialists


Martin Bell, Partner T: 0141 249 8488


E: martin.bell@ bdo.co.uk


Andrew Colville, Director T: 0141 249 5237


E: andrew.colville@ bdo.co.uk


Ross Marshall, Senior Manager T: 0141 249 5250


E: ross.marshall@ bdo.co.uk


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